Aurora creating new reserve to address infrastructure costs

Yorkregion.com
Dec. 10, 2015
By Teresa Latchford

The town is creating a new reserve fund to help with infrastructure costs.

Council approved the creation of a special reserve fund to help cover costs of expanding the town’s services and facilities needed to serve the growing community.

In a report, financial services director Dan Elliott pointed out shortcomings of the current Development Charges Act that doesn’t allow the town to re-coup all costs associated with infrastructure, especially when it comes to parks and recreation.

To fill the funding gap, the town negotiated with the development community and tied an additional fee to each additional residential dwelling unit being built. The funds collected will be directed at growth-related projects for parks and recreation, reducing the burden on the town’s taxpayers.

For more information, visit aurora.ca.